Balance Due

Balance Due

The total principal still owed on a loan or other debt. This does not include interest that has not yet accumulated. Thus, if one owes $1,000 on a credit card, one could pay more than $1,000 over time by making principal and interest payments, or one could simply pay the balance due (or the complete amount) at once.

If the amount of the loan exceeds 50% of the participant's vested account balance due to the $10,000 minimum, additional collateral should be provided in accordance with Department of Labor guidelines.

In 2006, the IRS began accepting credit card payments made by businesses for balance due business returns on Form 940 (Employer's Annual Federal Unemployment Tax Return), and Form 941 (Employer's Federal Quarterly Tax Return).

The only change in policy regarding extensions (effective April 1993) is timely filed requests may now be approved even in instances when the taxpayer is unable to submit the balance due in full with Form 4868.

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